Burcon Nutrascience (TSE:BU)
TSX:BU
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Burcon Nutrascience
(TSX:BU)
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Rating:48Neutral
Price Target:
C$2.00
▲(15.61% Upside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by weak financial quality—losses, cash burn, and a deteriorated balance sheet with negative equity—along with a bearish technical backdrop (below major moving averages and negative MACD). Offsetting factors come from a relatively constructive earnings call featuring accelerating revenue, cost reductions, and reaffirmed 2026 targets, though execution and financing-close risk remain important.
Positive Factors
Proprietary product platform & IP moat
Burcon's suite of proprietary, high-purity plant-protein products and associated IP provides a durable competitive advantage. This allows licensing, ingredient sales, and blended-product strategies, supporting recurring partner revenues and barriers to entry that persist beyond short-term market swings.
Negative Factors
Balance sheet deterioration & negative equity
Negative equity and elevated debt materially constrain financial flexibility and increase refinancing risk. Over a multi-quarter horizon this reduces the firm's ability to fund scale-up, absorb setbacks, or negotiate favorable partner terms without dilutive or costly external financing, stressing strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Proprietary product platform & IP moat
Burcon's suite of proprietary, high-purity plant-protein products and associated IP provides a durable competitive advantage. This allows licensing, ingredient sales, and blended-product strategies, supporting recurring partner revenues and barriers to entry that persist beyond short-term market swings.
Read all positive factors
Burcon Nutrascience (BU) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$24.12M
Dividend YieldN/A
Average Volume (3M)6.58K
Price to Earnings (P/E)―
Beta (1Y)0.47
Revenue Growth190.07%
EPS Growth-2.88%
CountryCA
Employees25
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)-0.28
Shares Outstanding12,692,276
10 Day Avg. Volume9,144
30 Day Avg. Volume6,578
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)2.14
Price to Sales (P/S)38.96
P/FCF Ratio-2.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.07
Revenue Forecast (FY)C$3.20M
Burcon Nutrascience Business Overview & Revenue Model
Company Description
Burcon NutraScience Corporation, together with its subsidiaries, develops plant proteins and ingredients for use in the food and beverage industries in Canada. The company's products include Peazazz, a pea protein for use in dairy alternatives, re...
How the Company Makes Money
Burcon’s primary monetization approach is to earn revenue from its plant-protein technologies and associated intellectual property rather than operating primarily as a large-scale consumer brand. Key revenue streams include: (1) Licensing and roya...
Burcon Nutrascience Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jul 01, 2026
Earnings Call Sentiment Positive
The call presented multiple concrete operational and financial positives: strong quarter-over-quarter revenue acceleration (100% QoQ), meeting calendar 2025 guidance ($1.4M cumulative), sizable customer funnel (200+ projects), meaningful cost reductions (R&D down 44% YoY; G&A down 22% YoY), and near-term financing progress (first tranche $1.25M of up to $6.9M) with management affirming double-digit revenue growth and cash flow positivity by end of 2026. Counterbalancing these positives are the small absolute revenue base, dependence on the final tranche of financing, shareholder concerns about liquidity and stock price, reduced R&D spend, and the inherent execution risks behind forward-looking targets. Overall, the highlights significantly outweigh the lowlights, but continued execution and successful closing of financing remain critical.Positive Updates
Quarterly Revenue Momentum
Generated $740,000 of revenue in fiscal Q3, a 100% quarter-over-quarter increase (doubling vs Q2), demonstrating strong short-term sales acceleration.
Negative Updates
Small Absolute Revenue Base
Despite strong QoQ growth, absolute revenues remain modest ($740,000 in Q3; $1.4 million cumulative in calendar 2025), leaving the business at an early commercial scale.
Read all updates
Q3-2026 Updates
Positive
Negative
Quarterly Revenue Momentum
Generated $740,000 of revenue in fiscal Q3, a 100% quarter-over-quarter increase (doubling vs Q2), demonstrating strong short-term sales acceleration.
Read all positive updates
Company Guidance
Management reaffirmed calendar 2026 guidance of double‑digit revenue growth and being cash‑flow positive by the end of calendar 2026, noting they met calendar 2025 guidance with cumulative 2025 revenues of $1.4 million and fiscal Q3 revenue of $740,000 (a 100% quarter‑over‑quarter increase), have over 200 active customer projects, expect roughly 65–70% of near‑term growth from existing recurring customers and 95–100% of future growth to come from their own protein products, have cut Q3 R&D spend by 44% year‑over‑year and G&A by 22% versus prior fiscal Q3, and are raising capital via a convertible note offering of up to $6.9 million (first tranche $1.25 million closed Dec. 31) with the final tranche expected to close in late February 2026 after a Feb. 20 shareholder meeting to accelerate capacity and sales execution.Burcon Nutrascience Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
9
Very Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.48M | 381.40K | 184.36K | 363.91K | 171.47K | 258.65K |
| Gross Profit | -6.68M | -870.76K | 184.36K | 363.91K | 171.47K | -527.31K |
| EBITDA | -8.32M | -7.43M | -6.23M | -18.90M | -9.92M | -4.73M |
| Net Income | -12.90M | -8.26M | -7.45M | -25.36M | -10.26M | -617.49K |
Balance Sheet | ||||||
| Total Assets | 23.97M | 30.66M | 12.91M | 9.90M | 29.35M | 37.72M |
| Cash, Cash Equivalents and Short-Term Investments | 1.29M | 7.28M | 4.20M | 1.46M | 7.00M | 13.97M |
| Total Debt | 37.65M | 22.40M | 6.67M | 5.17M | 73.14K | 33.70K |
| Total Liabilities | 26.46M | 23.71M | 7.76M | 5.76M | 1.10M | 1.45M |
| Stockholders Equity | -2.49M | 6.94M | 5.15M | 4.14M | 28.25M | 36.27M |
Cash Flow | ||||||
| Free Cash Flow | -8.15M | -5.82M | -5.90M | -6.38M | -7.18M | -5.91M |
| Operating Cash Flow | -7.27M | -5.51M | -5.78M | -6.02M | -5.91M | -3.03M |
| Investing Cash Flow | -2.25M | -1.66M | -39.49K | -4.43M | -1.23M | -2.72M |
| Financing Cash Flow | 10.36M | 10.23M | 8.56M | 4.90M | 174.08K | 4.70M |
Burcon Nutrascience Technical Analysis
Negative
1.73
Price Trends
2.02
Negative
1.94
Negative
2.30
Negative
Market Momentum
-0.05
Positive
43.06
Neutral
25.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BU, the sentiment is Negative. The current price of 1.73 is below the 20-day moving average (MA) of 2.16, below the 50-day MA of 2.02, and below the 200-day MA of 2.30, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 43.06 is Neutral, neither overbought nor oversold. The STOCH value of 25.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BU.
Burcon Nutrascience Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
48 Neutral | C$24.12M | -1.45 | -1208.82% | ― | 190.07% | -2.88% | |
48 Neutral | C$11.90M | 33.38 | ― | ― | 69.12% | 43.02% | |
48 Neutral | C$10.27M | -2.15 | -241.90% | ― | -49.04% | 15.66% | |
44 Neutral | C$2.24M | -3.11 | 5435.74% | ― | -25.08% | 65.57% | |
42 Neutral | C$611.60K | -1.00 | -190.55% | ― | ― | -126.28% |
* Consumer Defensive Sector Average
TSE:BU
Burcon Nutrascience
1.89
-0.01
-0.53%
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Burcon Nutrascience Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Burcon Raises $4 Million Cash in Convertible Debenture Financing to Fund Scale-Up
Positive
Feb 27, 2026
Burcon NutraScience has closed the second tranche of its non-brokered private placement of convertible debentures, issuing $2.75 million in debentures and bringing total cash raised from the first two tranches to $4 million toward an aggregate $6....
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Burcon Shareholders Clear Path for Convertible Debenture Financing
Positive
Feb 20, 2026
Burcon NutraScience said shareholders approved all matters at its February 20, 2026 special meeting, including resolutions tied to a private placement of convertible debentures and an extension to the expiry date of outstanding insider-held warran...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Burcon’s Revenue Surges as Plant-Protein Demand Accelerates Amid Ongoing Losses
Neutral
Feb 11, 2026
Burcon NutraScience reported fiscal 2026 third-quarter revenue of $739,000, an increase of about 1,100% from a year earlier, as commercial production ramped up and recurring customer orders grew. Management said demand for its plant-based protein ...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Burcon Seeks Warrant Extension to Fund Plant-Protein Capacity Expansion
Positive
Feb 5, 2026
Burcon NutraScience has called a special virtual shareholders’ meeting for February 20, 2026, as it moves to extend the expiry of 1.54 million outstanding warrants to June 30, 2027, a step the company says is intended to encourage warrant ex...
Business Operations and StrategyFinancial Disclosures
Burcon Sets Feb. 11 Call as Growing Demand Drives Scale-Up in Plant-Based Proteins
Positive
Jan 28, 2026
Burcon NutraScience will hold an investor conference call and webcast on February 11, 2026, to review its fiscal 2026 third-quarter results for the period ended December 31, 2025, with the financial figures to be released earlier that day. Managem...
Business Operations and StrategyPrivate Placements and Financing
Burcon Upsizes Convertible Debenture Financing to $6.9 Million Amid Strong Insider Support
Positive
Jan 9, 2026
Burcon NutraScience has upsized its non-brokered private placement of convertible debentures to an aggregate principal amount of up to $6.9 million, citing strong investor demand despite challenging market conditions. Insiders and the company̵...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Burcon Raises Initial $1.25 Million in Insider-Backed Convertible Debenture Financing
Positive
Jan 2, 2026
Burcon NutraScience has closed the first tranche of a non-brokered private placement of unsecured convertible debentures, raising $1.25 million from its manufacturing partner owners as part of a financing of up to $6.3 million that has conditional...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.